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The role of accountants in Prenton

All businesses will need accountants for varying reasons, whether for routine completion of accounts and self-assessment tax return or to advise of the latest regulations and tax rules in force. A business doesn’t have to hire an accountant, although there are certain scenarios that require one, like having a limited company that requires an audit.

Compliance is crucial for a business, whatever its size. HMRC carries out business record checks and compliance checks which may incur heavy penalties if they aren’t up to the required standard. To comply with all the various legislation and rules, it is much cheaper and easier in the long term to hire accountants. In Prenton, businesses will discover that accountants have a reputation for dealing with a company’s tax affairs and managing a business at a reasonable cost.

How can accountants help Prenton businesses?

The perceived cost of outsourcing to accountants in Prenton may be off-putting for a business, but the benefits are huge. If a business owner does not have knowledge of all the regulations, legislation and tax rules that apply to their specific business, they require an accountant. Being unaware of some tax regulations can result in unexpected fines, maybe not paying enough tax or even too much and even being accused of incorrectly claiming allowances, expenses and tax reliefs. There are specific rules which apply to all types of allowance or tax relief with which a business must comply. An accountant will have this knowledge and can help a business to be tax efficient and compliant.

Size matters

The type of business and its size may also affect a decision to outsource to accountants. Business records must be retained for a specific time, depending on the type of business. For some businesses, the accounting requirements may be relatively simple and the business owner may attempt to deal with this themselves. Time has to then be spent recording business transactions, filing and retaining of invoices and receipts, and calculating the costs of the business – such as stock and its website. Details and an audit trail must be kept of all transactions so that accurate accounts may be compiled.

Outsourcing to accountants in Prenton will save resources, while a business owner will be happy that all legitimate expenses are claimed and the accounts and tax return are submitted in a timely manner. No matter whether you are a sole trader, limited company or contractor, we can help you here at Wainwrights. Give us a call today.